Prosecutors from the Economic and Resource Crime Division brought the case against Nuea Lok Co, Ltd, Web Sawasdee Public Co, Ltd., and Prasit, formerly chairman of the “Return Goodness to the Land” project, along with several associates, reports the Bangkok Post.
The defendants were accused of jointly committing fraud, violating the Public Borrowing Act, and breaching the Computer Crime Act by luring large numbers of victims into fraudulent investments. The court found Prasit and the two companies guilty of multiple counts of fraud and illegal borrowing.
Prasit was convicted on 242 counts, each carrying a five-year sentence, totalling 1,210 years. His companies were fined B121 million each, later reduced to about B80mn after partial cooperation. His effective sentence was reduced to 806 years and 8 months.
Another defendant, identified as Wimgrit, was convicted of supporting the scheme, receiving 37 counts at 3 years and 4 months each, totalling 111 years and 148 months, later reduced to 74 years, 8 months, and 29 days.
However, under Thai law, the maximum prison term enforceable is 20 years, meaning both Prasit and Wimgrit will serve 20 years each. The court also ordered the two companies and Prasit to jointly repay damages to 267 victims.
In a previous ruling on July 3, 2023, Prasit was sentenced to 1,155 years in another fraud case, though the maximum sentence was capped at 20 years. He and his associates were ordered to repay more than B1 billion.